NEW YORK, Feb. 28, 2011 /PRNewswire/ --
The BMW Group and PSA Peugeot Citroen plan to invest 100 million EUR in their intended joint venture on hybrid technology named "BMW Peugeot Citroen Electrification", both companies announced at a press conference in Geneva. The new company will operate out of two locations – the greater Munich area, Germany, and Mulhouse, France. 400 employees are expected to work for the joint venture by the end of 2011. Subject to approval by the relevant competition authorities, the new company is expected to launch its operations in the second quarter of 2011. The new hybrid components will equip both partners' vehicles from 2014 onwards. Available video includes general views and press conference footage featuring Philippe Varin and Dr. Norbert Reithofer. Audio (Voice-Over in German and French) also available.
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Story Id: 21879